AFD // 2021 Universal Registration Document

FINANCIAL INFORMATION 5

Economic presentation of the consolidated financial statements

INTERMEDIATE BALANCES Changes in the intermediate balances over the last two financial years are as follows:

2021 948 515 433 -106 327 334 323

2020 764 484 280 -269

Change

In millions of euros Net banking income

184

Overheads on non-banking operations

31

Gross operating income

153 162 316 328 308

Cost of risk

Operating income Pre-tax income

12

5

Net income

15

Non-controlling interests

-25

-25 40

50

NET INCOME – GROUP SHARE

298

257

The AFD Group’s income for 2021 amounted to €298M (Group share), up €257M compared to 2020. NET BANKING INCOME The contribution of the Group’s various companies to its net banking income (NBI) is as follows:

2021

2020

Change

Net banking income

AFD (1)

651 290

743

-92

Proparco (2)

46

244

Fisea

3 2 2

-28

31

Soderag Sogeform

0 3

2

-1

GROUP TOTAL 184 (1) AFD’s NBI amounted to €794 million at the end of 2021 compared to €806 million at the end of 2020 in AFD’s parent company financial statements; (2) Proparco’s NBI amounted to €173 million at the end of 2021 compared to €148 million at the end of 2020 in Proparco’s parent company financial statements. NBI amounted to €948M in ɸ 2021, up €184M compared to 2020 due to the combined effect of the following items: 948 764

2021

2020

Net banking income

Balance of loans/borrowings

509

470

Income from instruments at fair value

34

-92

Commissions

123 282 948

124 262 764

Income and expenses from other activities

GROUP TOTAL

GROSS OPERATING INCOME Gross operating income totalled €433M in ɸ 2021 versus €280M in ɸ 2020. This €153M increase was driven by the increase in NBI (+€184M), with a slight change in non-banking operating expenses of +€31M over the year and a positive impact of the cost of risk of +€162M. The increase in non-banking operating expenses was thus linked to the increase in external expenses as well as an increase in personnel costs in line with the budget.

The significant change in NBI resulted from: P the improvement in income on financial instruments at fair value through profit or loss net of the foreign exchange effect (+€126M) due notably to the significant increase in the valuation of the Equity portfolio. In 2020, discounts were applied to the Equity portfolio to take the health crisis into account. In 2021, the valuations intrinsically took into account the impact of the Covid crisis and led to an improvement in the fair value of the portfolio; P the increase in the balance of loans/borrowings (+€39M) stemming from changes in average outstandings (+8%).

120

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2021 UNIVERSAL REGISTRATION DOCUMENT